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Required information The following information applies to the questions displayed below. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and
Required information The following information applies to the questions displayed below. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Activities Beginning inventory Units Acquired at Cost 60 units $50.20 per unit 205 units $55.20 per unit Units Sold at Retail Date Mar. 1 Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 220 units $85.20 per unit 65 units $60.20 per unit 110 units $62.20 per unit 90 units @ $95.20 per unit 310 units Totals 440 units 2. Compute the number of units in ending inventory Ending inventor units Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase Specific Identification Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per | unit # of units sold Cost per unit Cost of Goods Sold #of units cost per Inventory Balance Date unit March 1 6050.20$3,012.00 March 5 March 9 March 18 March 25 March 29
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